NASDAQ Index, SP500, Dow Jones Forecasts – NASDAQ Is Flat As Traders Wait For Catalysts

SP500

SP500 pulled back as traders reacted to economic reports. Durable Goods Orders declined by 6.1% month-over-month in January, compared to analyst consensus of -4.5%. Case-Shiller Home Price index declined by 0.3% month-over-month in December, while analysts expected that it would fall by 0.1%. CB Consumer Confidence pulled back to 106.7, compared to analyst consensus of 115. The reports did not have a big impact on stock market dynamics as traders remained focused on the dynamics of leading tech stocks. Interestingly, utilities stocks were among the best performers today, which indicates that traders have started to search for safe-haven assets after the strong rally. At the same time, the pullback in tech stocks is limited, and the appetite for risk stays strong.

From the technical point of view, SP500 is slowly moving towards the nearest support at 5040 – 5050. In case SP500 settles below the 5040 level, it will move towards the support at 4990 – 5000.

NASDAQ

NASDAQ is swinging between gains and losses as traders wait for additional catalysts. Importantly, the recent attempt to settle below the 17,900 level yielded no results. Traders are not ready to move out of tech stocks as they are afraid to miss the next leg of the AI rally.

NASDAQ needs to settle above the key resistance at 18,000 – 18,050 to gain momentum. RSI is in the moderate territory, which is bullish for NASDAQ.

Dow Jones

Dow Jones pulls back as the majority of the index components decline. Chevron, which is down by 2%, is among the biggest losers in the Dow Jones index today. The stock is moving lower as Exxon Mobil may challenge Chevron’s deal with Hess.

If Dow Jones declines below the 50 MA at 38,808, it will head towards the nearest support, which is located in the 38,500 – 38,550 range.

For a look at all of today’s economic events, check out our economic calendar.